As a part of expansion policy in Digital platforms, a growing number of old economy companies are using improved technologies such as Internet of Things(IOT) and Artificial Intelligence(AI). Various multinational companies are pumping huge resources in digital arena and trying to capture a huge pie.
A way looking forwards by such firms is to make shift from offering operational support and maintenance support to providing higher services like adding sensors to products, providing steady data, and analytics.
Organisations are looking for great opportunities among the boundaries between business, engineering and technology to scale new heights. Consumer technology is driving enterprise technology. Investment in technology has been shifted from a cost-based approach to adding revenues. This new way of doing business is Industry 4.0 or the 4th Industrial Revolution. The technologies being experimented are Internet of Things, Analytics, Machine learning and Blockchain.
Companies are putting these technologies to internal use first before making them commercially viable.